Building home equity is important. You’ll want to have a lot of equity built up when you decide to sell.
The amount of home equity you’ve obtained depends on any remodeling or renovations you’ve made, as well as your bond. If the home you bought was already in tip-top shape, then it may be difficult to build equity.
If you’ve renovated the kitchen, bathroom, redone the flooring, or made other renovations around the house, then you have most likely gained home equity.
You can also increase your home equity by paying off more of the principal on your home loan.